UPDATE: Miller Tabak Downgrades Lionsgate Entertainment to Neutral

Miller Tabak downgrades Lionsgate Entertainment LGF to Neutral from Buy on valuation grounds, but raises its price target to $12, up $2, on increasing appreciation of the accretive Summit acquisition. Miller Tabak says, "We are downgrading our recommendation on Lionsgate Entertainment (LGF-$10.96-Neutral-Target $12) after a rapid appreciation in the shares this week above our prior $10 target. Given the range of valuations we derived after the accretive Summit acquisition earlier this month, we increase our LGF target to $12 from $10 (see the DCF and sum of the valuation methodologies below), as the investment community is increasingly accepting the accretive aspects of the Summit acquisition. " LGF closed at $10.96 a share on Thursday.